Company No:
Contents
Note | 30.06.2023 | 30.06.2022 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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562,063 | 2,134,835 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (4,654,407) | (4,523,972) | ||
Total assets less current liabilities | (4,092,344) | (2,389,137) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 5 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Dunwich Limited (registered number:
A J D Locke
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Dunwich Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 14 Caroline Terrace, London, SW1W 8JS, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
These financial statements are prepared on the Going Concern basis. Although the company's Balance Sheet shows net current liabilities of £4,654,407 (2022 - £4,523,972) and net liabilities of £4,092,344 (2022 - £2,389,137): the director is confident that the company will have sufficient funds to meet it's debts as they fall due. Further, the director has confirmed that amounts due to connected parties will not be called within twelve months of the approval of these financial statements, or until the company has sufficient funds to do so. For these reasons, the director believe's it appropriate to continue to adopt the Going Concern basis in respect of these financial statements.
These financial statements cover the twelve month period to 30 June 2023. The comparative results reflect the eighteen month period to 30 June 2022.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Investments in partnerships are accounted for under the equity method of accounting. Interests are initially measured at transaction price (including transaction costs) and are subsequently adjusted to reflect the share of the profit or loss, from the partnership.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Year ended 30.06.2023 |
Period from 01.04.2021 to 30.06.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 July 2022 |
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Additions |
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Disposals | (
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Share of losses | (
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At 30 June 2023 |
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Carrying value at 30 June 2023 |
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Carrying value at 30 June 2022 |
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30.06.2023 | 30.06.2022 | ||
£ | £ | ||
Amounts owed to Parent undertakings |
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Other creditors |
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30.06.2023 | 30.06.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with owners holding a participating interest in the entity
30.06.2023 | 30.06.2022 | ||
£ | £ | ||
Amounts due to entities with control, joint control or significant influence over the company | 3,730,412 | 3,482,477 |
The above loan is unsecured, interest free and has no fixed repayment terms.
Transactions with the entity's director
30.06.2023 | 30.06.2022 | ||
£ | £ | ||
Amounts due to key management personnel | 920,995 | 1,038,495 |
The above loan is unsecured, interest free and has no fixed repayment terms.